Tag: iShares Transportation Average ETF

S&P in Orderly High Level Consolidation

recent trading actions leaving the S&P in what looks to us like an orderly high level consolidation of last week’s bullish breakout. The index is holding firmly above the trend channel moving average, a level it has not breached since market broke down in late July. This is a positive development, increased the probability that the S&P will break out to new highs as soon as the market shakes off excessive bullishness

S&P Trapped in Narrow Range as Traders Await Key Policy Decision

S&P trapped within narrow trading range as traders await a key policy decision from the Federal Reserve later this month. Technical pressures are building up as the market dances its way into an increasingly tight trading range. S&P’s 2972 marks the inflection point. A failure to hold above key level indicates a change in sentiment and a much deeper pullback should be expected and we’re looking at 2900

S&P Vulnerable To Some Downside Retracement

S&P broke support at the important sentiment 3000 mark. A failure to hold above key price level means that long-term buying pressure has finally been exhausted. On balance, we’re near-term negative for S&P as we believe market vulnerable to some downside retracement over the short-to-intermediate term

Signs of Capitulation

recent market activities are showing some signs of capitulation among traders. It seems to us that we will likely capitulate just below S&P’s 2400 zone. Right now the strategy is to wait for a bounce trade as soon as price patterns show us that the level of maximum pain has been reached

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